{"id":29035,"date":"2024-04-11T10:04:25","date_gmt":"2024-04-11T14:04:25","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=29035"},"modified":"2025-06-27T09:48:46","modified_gmt":"2025-06-27T13:48:46","slug":"amerigo-contemplating-special-dividend-buybacks-after-strong-q1-2024-operational-results","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/amerigo-contemplating-special-dividend-buybacks-after-strong-q1-2024-operational-results\/","title":{"rendered":"Amerigo Contemplating Special Dividend, Buybacks After Strong Q1-2024 Operational Results"},"content":{"rendered":"<h2>Highlights<\/h2>\n<ul>\n<li>Q1 copper production of 16.0 million pounds beat guidance by 2%<\/li>\n<li>Production fully rebounded from 2023 flooding<\/li>\n<li>Q1-2024 normalized cash cost of $1.89 per pound, beating guidance by 9%<\/li>\n<li>At current copper prices Amerigo is contemplating special dividends and a restarted buyback program.<\/li>\n<\/ul>\n<p><strong>Amerigo Resources Ltd. (TSX: ARG) (OTCQX: ARREF)<\/strong> announced production results for the quarter ended March 31, 2024 (\u201cQ1-2024\u201d) from Minera Valle Central (\u201cMVC\u201d), the Company\u2019s 100% owned operation located near Rancagua, Chile. Dollar amounts in this news release are in U.S. dollars (\u201cUSD\u201d) unless indicated otherwise.<\/p>\n<div class=\"su-quote su-quote-style-default\"><div class=\"su-quote-inner su-u-clearfix su-u-trim\">We are pleased to report a strong first quarter. Copper production of 16 million pounds was 2% over guidance, molybdenum production of 324,00 pounds was 4% over guidance, and our normalized cash cost of $1.89 per pound was 9% below our guided annual cash cost. These results reflect our commitment to operational excellence and cost management, which are key drivers of our financial performance.<\/div><\/div>\n<div class=\"su-quote su-quote-style-default su-quote-has-cite\"><div class=\"su-quote-inner su-u-clearfix su-u-trim\">The current combination of excellent operational results from MVC and strengthening copper prices are similar to 2021. Then, the substantial operational cash flow generated by the Company positioned us to refinance and reduce our bank debt and roll out Amerigo\u2019s very successful Capital Return Strategy. Today, three years later, Amerigo\u2019s considerably stronger balance sheet will allow these anticipated cash flows to be further focused on our Capital Return Strategy. With a secure quarterly dividend currently yielding over 8%, we are excited about distributing significant additional capital to investors as copper prices continue to rise on favorable supply\/demand dynamics.<span class=\"su-quote-cite\">Aurora Davidson, President &amp; CEO, Amerigo Resources Ltd.<\/span><\/div><\/div>\n<p>In Q1-2024, MVC produced 16.0 million pounds (\u201cM lbs\u201d) of copper, with 53% of production coming from fresh tailings. MVC\u2019s plant availability was 97.7%.<\/p>\n<p>Amerigo\u2019s 2024 copper production guidance is 62.4 M lbs. The annual plant maintenance shutdown at MVC and El Teniente will occur in May 2024. Amerigo\u2019s annual guidance factors in lower production from the shutdown.<\/p>\n<p>Q1-2024 molybdenum production was 0.3 M lbs, in line with Amerigo\u2019s annual molybdenum production guidance of 1.2 M lbs.<\/p>\n<p>Amerigo\u2019s cash cost in Q1-2024 was $1.96 per pound (\u201c\/lb\u201d), including $0.07\/lb paid to MVC\u2019s supervisors as the signing bonus of a 3-year collective labor agreement. Normalized cash cost excluding the effect of the signing bonus, was $1.89\/lb, 9% lower than our 2024 cash cost guidance of $2.08\/lb.<\/p>\n<p>Amerigo\u2019s quarterly copper price in Q1-2024 was $3.95\/lb, compared to $3.82\/lb in Q4-2023. The Company\u2019s molybdenum price was $19.67\/lb, up from $18.34\/lb in Q4-2023.<\/p>\n<p>On March 31, 2024, Amerigo\u2019s cash position was $13.8 million ($2.4 million lower than December 31, 2023), and restricted cash was $6.2 million ($0.1 million lower than December 31, 2023). Outstanding bank debt was $19.5 million, down from $21.3 million on December 31, 2023.<\/p>\n<p>On March 31, 2024, MVC\u2019s water reserves were over 10.0 million cubic meters, sufficient to maintain projected Cauquenes processing rates for at least eighteen months, the Company\u2019s maximum forecast horizon.<\/p>\n<h4>Quarterly Operational Review<\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-29036\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Amerigo-PR-Apr-11-2024.png\" alt=\"\" width=\"1092\" height=\"628\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Amerigo-PR-Apr-11-2024.png 1092w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Amerigo-PR-Apr-11-2024-300x173.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Amerigo-PR-Apr-11-2024-1024x589.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Amerigo-PR-Apr-11-2024-768x442.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Amerigo-PR-Apr-11-2024-696x400.png 696w\" sizes=\"auto, (max-width: 1092px) 100vw, 1092px\" \/><\/p>\n<h4><strong>Capital Return Strategy<\/strong><\/h4>\n<p>Since implementing its Capital Return Strategy (the \u201cStrategy\u201d) in September 2021, Amerigo has paid cumulative quarterly dividends of Cdn$0.29 per share ($36.9 million) and used $23.7 million to purchase and cancel 20.1 million of its common shares, a 11.1% reduction in the number of common shares outstanding at the inception of the Strategy.<\/p>\n<p>Amerigo\u2019s Cdn$0.03 per share quarterly dividend is the cornerstone of the strategy and is secure at current copper prices, subject to Amerigo continuing to attain its 2024 production guidance.<\/p>\n<p><strong>As copper prices continue as expected to strengthen in 2024, the Company will be positioned to deploy the other components of the Strategy: share buybacks and\/or performance dividends.<\/strong><\/p>\n<h3><strong>Release of Q1-2024 financial results on May 8, 2024<\/strong><\/h3>\n<p>Amerigo will release Q1-2024 financial results at the market open on Wednesday, May 8, 2024<\/p>\n<h3><strong>Investor conference call on Thursday, May 9, 2024<\/strong><\/h3>\n<p>Amerigo\u2019s quarterly investor conference call will be held on Thursday, May 9, 2024, at 11:00 a.m. Pacific Daylight Time\/2:00 p.m. Eastern Daylight Time.<\/p>\n<p>Participants can join by visiting https:\/\/emportal.ink\/3T2LOH1 and entering their name and phone number. The conference system will then call the participants and place them instantly into the call.<\/p>\n<p>Alternatively, participants can dial directly to be entered into the call by an Operator. Dial 1-888-664-6392 (TollFree North America) and state they wish to participate in the Amerigo Resources Q1-2024 Earnings Call.<\/p>\n<h3><strong>About Amerigo and MVC<\/strong><\/h3>\n<p>Amerigo is an innovative copper producer with a long-term relationship with Corporaci\u00f3n Nacional del Cobre de Chile (\u201cCodelco\u201d), the world\u2019s largest copper producer.<\/p>\n<p>Amerigo produces copper concentrate and molybdenum concentrate as a by-product at the MVC operation in Chile by processing fresh and historic tailings from Codelco\u2019s El Teniente mine, the world&#8217;s largest underground copper mine. Tel: (604) 681-2802; Web: <a href=\"https:\/\/www.amerigoresources.com\">www.amerigoresources.com<\/a>; Listing: ARG: TSX.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amerigo Reports 2% Production beat, 23% cost decline since recent flooding in Q1 2024.(TSX: ARG) (OTCQX: ARREF)<\/p>\n","protected":false},"author":30,"featured_media":26767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2430,56],"tags":[2097,2359,76,1846,2322,2196,2375,72,2195,2194],"class_list":{"0":"post-29035","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-energy-transition-metals","8":"category-featured","9":"tag-amerigo-resources","10":"tag-chile-copper","11":"tag-copper","12":"tag-copper-miners","13":"tag-copper-mining","14":"tag-investing-in-copper","15":"tag-junior-mining-stocks","16":"tag-mining-stocks","17":"tag-otcqx-arref","18":"tag-tsx-arg"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Amerigo Contemplating Special Dividend, Buybacks After Strong Q1-2024 Operational Results | Capital 10X<\/title>\n<meta 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